OTTAWA, Ill.--(EON: Enhanced Online News)--Ottawa Savings Bancorp, Inc. (OTCBB: OTTW) (the “Company”), the parent
holding company for Ottawa Savings Bank FSB (the “Bank”), announced
today that the Bank has completed its previously announced acquisition
of Twin Oaks Savings Bank. The Merger was consummated pursuant to the
terms of the Agreement and Plan of Merger, dated as of June 30, 2014, by
and among Ottawa Savings Bancorp MHC (the “MHC”), the Company, the Bank
and Twin Oaks Savings Bank (the “Merger Agreement”).

“We are excited that Twin Oaks’ customers will now
be part of a larger, stronger bank with a long history of great customer
service.”

Jon Kranov, President and Chief Executive Officer of the Company, the
Bank and the MHC stated, “We believe that this transaction is in the
best interests of Ottawa Savings Bancorp’s shareholders. We are also
delighted to welcome Twin Oaks’ depositors and borrowers to the Ottawa
Savings family, and to provide Ottawa Savings’ legacy depositors and
borrowers with two new branch offices. We are confident that Twin Oaks
customers’ will enjoy and benefit from the added services that Ottawa
Savings offers its customers.”

Craig Hepner, former President and Chief Executive Officer of Twin Oaks
Savings Bank who will serve as Chief Operating Officer of the Company
and the Bank, added, “We are excited that Twin Oaks’ customers will now
be part of a larger, stronger bank with a long history of great customer
service.”

The former Twin Oaks Savings Bank offices in the Morris and Marseilles
communities of Illinois will become full service banking facilities of
the Bank, operating under the name “Twin Oaks Savings Bank, a division
of Ottawa Savings Bank”. After the Merger, Ottawa Savings Bank will have
three branch offices with approximately $235 million in assets and $202
million in deposits. In addition, Mr. Hepner, Thomas M. Adler and
William J. Kuiper, formerly directors of Twin Oaks Savings Bank, will
serve as directors of the MHC, the Company and the Bank.

Pursuant to the terms of the Merger Agreement, no consideration was paid
to members of Twin Oaks Savings Bank. However, the Company issued
776,143 additional shares to the MHC in connection with the Merger’s
consummation.

Ottawa Savings Bank, the oldest saving institution in Illinois, was
founded in 1871 as Ottawa Building Homestead and Savings Association.
The Bank has been located on LaSalle Street in downtown Ottawa, its sole
office, since the late 1950s. Ottawa Savings Bancorp, Inc. is the
majority-owned subsidiary of Ottawa Savings Bancorp MHC, which, after
the Merger, owns 69.1% of Ottawa Savings Bancorp’s outstanding shares.

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking
statements are typically identified by words such as “believe,”
“expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,”
“project” and other similar words and expressions. Forward-looking
statements are subject to numerous assumptions, risks and uncertainties,
which change over time. Forward-looking statements speak only as of the
date they are made. Because forward-looking statements are subject to
assumptions and uncertainties, actual results or future events could
differ, possibly materially, from those that Ottawa Savings Bancorp,
Inc. anticipated in its forward-looking statements and future results
could differ materially from historical performance. Factors that could
cause or contribute to such differences include, but are not limited to:
increased economic pressures; increased competition, interest rate or
legislative or regulatory changes; that the expected benefits of the
merger may not be achieved or achieved in a timely manner; that after
the completion of the transaction, Ottawa Savings Bancorp, Inc.'s or
Ottawa Savings Bank’s business may not perform as expected; reputational
risks and the reaction of Ottawa Savings Bank’s customers to the
transaction; and diversion of management time on merger-related issues.
The Company does not assume any duty and does not undertake to update
forward-looking statements.

Contacts

Recent Stories

OTTAWA, Ill.--(EON: Enhanced Online News)--Ottawa Bancorp, Inc. (NasdaqCM: OTTW), the holding company for Ottawa Savings Bank FSB, announced today that its Board of Directors has declared a quarter... more »

OTTAWA, Ill.--(EON: Enhanced Online News)--Ottawa Bancorp, Inc., a Maryland corporation (the “Company”) (NasdaqCM: OTTW), announced today that it has completed the conversion and reorganization pur... more »